Global medical display market value was at US$ 2,039.04 million in 2022 and is estimated to generate a revenue of US$ 3,777.78 million by 2031, growing at a CAGR of 5.68% over the forecast period (2023-2031). In terms of Volume, the market is expected to sell 18,531.40 thousand units by 2031.
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With the introduction of cutting-edge technology, the medical display market is undergoing a considerable transition. Liquid Crystal Displays (LCDs), which are more effective and thinner, are replacing conventional Cathode Ray Tube (CRT) displays (LCDs). Better image quality, less power usage, and slimmer form factors are just a few of the advantages LCDs have over CRTs.
The switch from paper-based medical records to electronic health records has caused the healthcare sector to go through a change (EHRs). The market for medical displays is changing, and this has created new opportunities for businesses that offer informatics solutions and services. Lab results, radiological pictures, allergies, vaccines, and patient history are all covered in great detail in electronic health records. By gathering all of this information in one location, authorized employees can easily access a patient’s entire medical history.
Factors Affecting the Growth of the Global Medical Display Market
Growing need for adequate patient care: Growing pressure to deliver improved patient care due to rising patient expectations: Doctors and nurses are constantly under pressure to deliver the finest treatment possible. As a result, there is now a need for better, more dependable medical displays that can give precise information quickly.
Advancements in technology: Medical displays are becoming more capable as technology develops. Higher resolutions and brighter screens on more recent models make it simpler to see important information. Also, a lot of more recent displays have extra user-friendly capabilities like touchscreens and wireless networking.
The demand for cost-effective solutions: The medical sector is increasingly in need of cost-effective solutions due to the rising expense of healthcare. While hospitals and clinics explore ways to reduce costs without compromising quality or patient care, medical displays are no exception.
Focus on 3D Imaging Technology
An aging population and a move towards 3D/4K imaging modalities are the two main drivers of the medical display market’s potential growth. Demand for more advanced image-guided surgery techniques and early diagnosis and treatment of chronic diseases is being driven by the aging population (IGS). The transition to 3D/4K imaging modalities is being driven by this demand, along with the advantages of higher-resolution pictures for both diagnosis and treatment planning.
Enhanced Display Quality: With larger resolutions, wider color gamuts, better contrast ratios, and more precise calibration for better viewing experiences, the quality of medical displays has substantially increased. As a result, healthcare professionals may decide on patient treatment more quickly and intelligently.
Adoption of AI and Automation: Digital health records now have automated storage, retrieval, updating, analysis, and display methods thanks to the integration of AI technology. Through the use of evidence-based analytics provided by machine learning algorithms built into electronic health record (EHR) systems, the risk of human error has been decreased and decision quality has increased.
Data compatibility between various EHR systems is one of the biggest issues the medical display market is now facing. The lack of standards for the storage and exchange of electronic health information leads to problems with data interoperability. In order to address this issue, a number of public and private groups, including Health Level Seven International (HL7), Integrating the Healthcare Enterprise (IHE), and Digital Imaging and Communications in Medicine (DICOM), are developing standards for interoperability (DICOM).
In terms of market share, North America is currently in the first place. Many variables influence the need for medical display devices in this region. First off, North America’s growing medical infrastructure is driving up demand for innovative medical technologies, such as medical displays. The demand for top-notch medical equipment is also increasing as healthcare spending in the area rises.
The region’s rising geriatric population is another important element boosting demand for the medical display market in North America. Medical assistance, medical gadgets, and medical displays are more frequently required as the population ages. The senior population—those 65 and over—is expected to nearly double from 52 million in 2018 to 95 million by 2060, according to the U.S. Census Bureau. Due to their importance in the identification and management of age-related illnesses, medical display devices will see a surge in demand as a result of this demographic change.
Government rules and reimbursement practices also have a significant impact on the development of the medical display market. The market for medical displays is being driven by North American governments’ efforts to provide their residents with improved healthcare services, which also include better diagnostic equipment.
The top 5 market participants are Sony, Siemens, Philips Healthcare, Fujifilm, and Double Black Imaging. Due to their consistent investments in R&D, excellent marketing tactics, expanding product portfolios, sizable customer bases, and great brand recognition, these players currently hold over 38% of the overall revenue share. These businesses have made significant investments in the creation of technologically cutting-edge products that cater to the requirements of healthcare professionals. In addition, they have developed a wide range of goods for various markets, including those serving healthcare practitioners and producers of medical imaging equipment.
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By Product Analysis
The hybrid visual system segment is leading the medical display industry. In addition, the sub-segment X-ray computed tomography (CT) scanners dominated the market with the maximum share. On the other hand, the magnetic resonance imaging (MRI) scanners sub-segment is rising at the highest annual growth rate.
By Panel Size Analysis
The 23.0-26.9-inch panel size segment is growing rapidly across surgical, therapeutic, and diagnostic procedures. These diagnostic screens are used for X-rays, computed tomography (CT), and magnetic resonance imaging (MRI).
The majority of hospitals now use larger medical screens to display multiple pictures at once. Additionally, by decreasing window/image overlap and offering clear images, large-size displays increase visibility and productivity. The convenience of connecting to endoscopic cameras, imaging, and radiology equipment to view medical procedures is another factor driving demand for larger panels.
By Application Analysis
The use of medical displays in diagnostic imaging will increase even further, which is likely to result in substantial growth for the diagnostic segment. Radiologists can examine high-quality images using medical displays in diagnostic procedures like mammography and radiography, which enables them to make more precise diagnoses and therapy choices. Medical displays are also now available in a variety of modalities and with a variety of image enhancement features, which are being used more and more in diagnostic imaging and other healthcare uses.
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- Surgical Field Cameras
- Distribution Systems
- Hybrid Visual System
- Fixed C-Arms
- X-ray computed tomography (CT) scanners
- Magnetic resonance imaging (MRI) scanners
- LED-backlit LCD Display
- CCFL-backlit LCD Display
- OLED Display
By Panel Size
- Under 22.9 Inch Panels
- 23.0-26.9 Inch Panels
- 27.0-41.9 Inch Panels
- Above 42 Inch Panels
- Up to 2MP
- Above 8MP
By Display Color
- Color Display
- Monochrome Display
- General Radiology
- Digital Pathology
- Surgical/ Interventional
- North America
- The U.S.
- Western Europe
- The UK
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific
- Australia & New Zealand
- South Korea
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Rest of South America
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